AMA Recap with Corite
Welcome to the Corite Live AMA with GEM Detectors, we would like to thank everyone who attended the live session, well this is a recap of the Live AMA session we had .
Round 1 : Live session with Team GD
Aryan|TGH@GEMDetectors : Lets start off this AMA to give the audience a brief description of what Corite actually is, and what is Corite team’s overall vision?
Emelie Olsson/Co-Founder@Corite : Corite is a music platform where artists can distribute, fund, and market their music. Fans actively invest in and support their favorite artists to give them resources and possibilities to realize their dreams. In exchange, fans get a share of the revenues when the music is being streamed on Spotify, Apple, and so on after finalizing their fan missions. We have successfully run corite.com since October 2019, which is our current FIAT model. Back in the days, artists were depending on getting signed to a major label, since there wasn’t a way to get your music out there, market yourself, record professionally and so on, without their help. With digitalization, this has rapidly changed and now basically everyone with some skills can do all of those things without even leaving their house. Leaving room for artists to be independent, and not owned by any label.One of the issues now is that 60.000 songs are released every day on Spotify, adding up to a total number of 21 million released songs per year. This means that the competition is bigger than ever before and artists need more power to break through the noise. We believe that power is the fan power. With Corite, the artists can get funds for marketing, production, PR or whatever they want to spend their money on, without giving away their rights or signing any long deals. We believe the answer to the issue is to bridge the gap between the artists and fans, and to put more power in the hands of the people who actually care the most about your music. Your fans! 💯🎶
Aryan|TGH@GEMDetectors : Can you share some information about the team behind Corite, what your backgrounds are? What is your previous experience?
Emelie Olsson/Co-Founder@Corite : Yes. I’m happy to. I can start by introducing myself. My name is Emelie Olsson and I’m one of the co-founders together with Mattias Tengblad and Emil Angervall who both worked on Universal Music Group a couple of years ago. They are also experienced entrepreneurs who have worked in online gaming too. Before I helped start Corite I have plenty of experience working with digital marketing, project management, copywriting and starting different charity initiatives. My official title is Director of Artist Relations meaning I put lots of effort into maintaining and building relations with artists and brands that can add value to the company. You can find me at https://www.instagram.com/emelieolssons.se/ and https://www.linkedin.com/in/emelie-olsson-80060014b we also then have our advisors Rico Love (Beyonce, Usher, Whitney Houston etc) in Miami, our very experienced crypto marketing manager Alex, and some great investors with lots of valuable experiences and connections!
Aryan|TGH@GEMDetectors : What blockchains will Corite platform support and are there plans to deploy, move, support or bridge to other chains in the future?Can you tell us in brief about the four core concepts of CO platform!
Emelie Olsson/Co-Founder@Corite : We will launch on BNB Chain, but have developed in parallel for Chromia. As the technology evolve we will add bridging functionality, but this will be developed together with our partners. The four concepts are Four concepts: Song shares, Fan Power, Originals and Play to Earn. You can read more about them in our TG group 💯💯
Aryan|TGH@GEMDetectors : Can you tell us about the roles of $CO token in the Corite ecosystem,and share the killer features of the $CO token along with the tokenomics ? How can traders earn from CO platform?
Emelie Olsson/Co-Founder@Corite : The demand and value of the CO token will be driven by its core utility. The key utility of the CO token is the access to pre-sale: users will be able to lock their CO tokens to be among the first backers to support the music campaigns. As we will attract world-famous artists to launch campaigns, we anticipate that the demand and the interest for the CO token will be continuously ,growing since more and more users would want to become a part of their success. The other main utility is the NFT collateralization: campaign backers would be able to “create” an exclusive NFT by collateralizing their CO token. The more tokens they lock, the more valuable NFT they would get.To summarize, owning $CO tokens, users will be able to:
- Participate in blockchain fan funding
- - Get early access to invest in music projects
- - Purchase Corite Originals (incl as collateral)
- - Purchase VIP experiences
- - Earn rewards for contributing to the platform
- - Participate in project governance
Aryan|TGH@GEMDetectors : We like to finish this part of the AMA session by looking at what is happening in the near term. Could you please provide us next plans or milestones on the roadmap!
Emelie Olsson/Co-Founder@Corite : https://corite.org/#roadmap — here’s for best breakdown of the milstones covering:
Fan Power & Song Shares
Fan Power & Song Shares on blockchain
Public launch of the $CO token
Fan funding on blockchain
Fan missions & Corite Originals (v1)
Corite Originals (v2)
Round 2 : Twitter Questions
- Artists delegate lead roles on your platform. Which services do you promise to integrate in your platform that facilitates NFT artists? How will they profit commercially from #Corite?
Emelie Olsson/Co-Founder@Corite : Thank you Lorela for your question. I believe making promises like that in a very fast developing industry isn’t the way to go. What we can promise is to follow the market and adapt to make sure we provide artists and fans with the most value adding features, and we will always work for the artists to be able to monetize and make renevues with their fans. I hope that answers your question in a good way!
2. When you collect revenues from streaming platforms, how do you decide backers what percentage of the song they should generate revenue for? What values are the percentages here determined by, and can supporters earn more by contributing more?
Emelie Olsson/Co-Founder@Corite : Good question. We have since launch been experimenting with how to set the valuation and goal. We need to take into consideration set realistic valuations for the artists and the backers. We guide the artists to set their valuation accordingly to their previous streaming history. When the artist receives the funds after the fan campaign is closed, we release the song on the release date that they’ve chosen. Then we start collecting the revenues from the streaming platforms and pay the backers based on how many percentages of the song they should receive revenue for. If the streaming goal is reached, everything from that is profit for the backers. We are more than happy to receive feedback on this!
3. There is a huge market for musical artists in today’s world. So how does #CORITE plan to attract a large number of artists to the platform and thus gain visibility and build a good user base? also do you have any incentives for the first artists?
Emelie Olsson/Co-Founder@Corite : We already have thousands of artists on our platform, since it has been up and running since October 2019. 🌝 But I can give you some insight.
- We just announced our partnership with one of the world’s largest artist — Alan Walker
- We work with Hitco Entertainment, an independent label in L.A that is working with artist such as Dixie Demilio (world’s biggest following on TikTok). Hitco is founded by L.A reid who also has worked with artists such as Justin Bieber, Whitney Houston etc, who’s one of the most legendary producers in the game.
- We work with 4000 studios, Australia’s biggest studio complex where we have two branded Corite studios. The producers who run the studio are names such as Konstantin Kersting (Tones and I, Dance Monkey), and Vaan who has a degree from studying Blockchain Technology at California University.
- We have a dedicated team working on scaling the artist flow to the platform and a couple of exiting things coming up.
4. Regarding copyright issues, how does #Corite manage it? Is it possible for the system to provide a unique product identification for each published content?
Emelie Olsson/Co-Founder@Corite : Since we distribute our music trough FUGA (who push the music to Apple, Spotify etc), they already have a built in system for this. But we also use tools such as shazaam to detects those issues — It’s very thankful working with product identification in music since these issues has alredy been more or less solved.
5. Assuming we know there are many music streams and platforms available, can you tell us about #Corite’s competitive advantages and unique features? Can you tell us what is your potential to create a trend in the market and how user-friendly your Platform is?
Emelie Olsson/Co-Founder@Corite : First of all, we are not a streaming platform. This is very important to know. We don’t compete with Spotify, Apple or AUDIUS — they are our friends and we compete with the major labels. To experience the user friendliness there is only one way, sign up to corite.com, find a song you like and become a backer! Our most unique feature is the fan funding, we are the first distributor in the world that uses the power of the fans and enable the artists to give back to their community.
For more information on Corite refer to the links below ⬇️ :